Details to help access your economic impact payment

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Details to help access your economic impact payment

On April 2, 2020, the Treasury Department and the Internal Revenue Service announced the distribution of economic impact payments to help Americans combat the financial effects of the COVID-19 pandemic.

If your finances have been impacted by the pandemic, you’re not alone. We’re here to help you understand how you can get your economic impact payment quickly and safely.

Economic Impact Payment Tips:

Check to see if you’re eligible. Visit irs.gov/coronavirus for questions on eligibility.

To receive your payment faster, you can take steps to avoid getting a paper check. In the coming weeks, the IRS will be developing a portal where consumers can check the status of their refund and provide their direct deposit information. Check irs.gov/coronavirus for timing.

According to the U.S. Treasury, tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples – no additional action required. Parents also receive $500 for each qualifying child.

If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return.

You can typically find your account and routing number on the bottom left-hand corner of a personal check. The routing number is the first set of numbers and is typically nine digits. The next set of numbers — just to the right of the routing number — is your account number.

If you don’t have a check handy, you may be able to find the account and routing number on your statements or online banking. Gorham Savings Bank’s routing # is 211274573

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